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Amend SB 310 (House Committee Printing) as follows:
(1) On page 2, line 14, insert a new Subsection (3) to read as
follows and renumber subsequent Subsections accordingly:
"(3) "Security" or "securities" has the meaning
assigned by Section 4, The Securities Act (Article 581-4, Vernon's
Texas Civil Statutes)."
(2) On page 3, line 16, strike "and".
(3) On page 3, line 22, insert the following after
"insurance" and before the period:
";
(5) information on the insurer's losses from
investments in securities, whether publicly or privately traded,
including investments in the securities of companies required by
any oversight agency to restate earnings within the 24 months
preceding the effective date of this article, possessed and used by
the insurer to determine premiums or underwriting for residential
property insurance;
(6) information on the insurer's costs of reinsurance,
including costs incurred subsequent to September 11, 2001,
possessed and used by the insurer to determine premiums or
underwriting for residential property insurance; and
(7) information on the effect of the hard and soft
market cycles of the residential property insurance market
possessed and used by the insurer to determine premiums or
underwriting for residential property insurance"
(4) On page 6, line 2, insert Subsection (c) after the period
to read as follows:
"(c) The report required under this section shall
specifically address:
(1) insurers' securities investment performance, the
effect of insurer investment losses in securities on insurers'
profitability, and any impact of securities investment losses on
residential property insurance premiums and underwriting
standards, including an evaluation of the impacts on residential
property insurance premiums and underwriting standards from
insurer investments in the securities of companies required by any
oversight agency to restate earnings within the 24 months preceding
the effective date of this article;
(2) insurers' costs for reinsurance after September 11,
2001, and any impact of reinsurance costs on residential property
insurance premiums and underwriting standards; and
(3) hard and soft market cycles in the residential
property insurance market and any impact of those cycles on
residential property insurance premiums and underwriting
standards."